Uttar Pradesh has been turned into an Islamic state: Shiv Sena

Bengaluru, Mar 30: Coffee Day Enterprises Ltd (CDEL) has received the first tranche of Rs 2,000 crore following disinvestment of Global Village Techparks to repay debts following the death of its founder V G Siddhartha.
In August last year, CDEL executed definitive agreements with entities belonging to Blackstone Group and Salarpuria Sattva Group for investment in GV Techparks, a wholly-owned subsidiary of group company Tanglin Development Ltd (TDL), at an enterprise value of Rs 2,700 crore.
The balance amount is expected to be received after the receipt of few statutory approvals, CDEL said in a statement.
"Out of the money received in first tranche, the company has paid off its debts in full including principal and interest amounting to Rs 1,644 crore to the lenders despite difficult economic conditions," it said.
Post this payment, the consolidated debt of the company and its subsidiaries stands at Rs 3,200 crore as on March 27. This includes debt of Rs 1,400 crore of its subsidiary Sical Logistics Ltd where disinvestment process is in progress.
"The company and subsidiaries have repaid around Rs 4,000 crore to the lenders since the beginning of this financial year," CDEL said.
"With the continuous support of stakeholders of the company, the current management is working to ensure better liquidity and operational efficiency. The company is confident of the future ahead despite various challenges," it added.
The company has been in rough waters after its founder V G Siddhartha took his own life as debt strains began to emerge in his company. Since his death in July last year, CDEL has been trying to divest its assets to pare debts.
On July 30, 2019, CDEL informed stock exchanges about Siddhartha's disappearance. In a letter that was purportedly written by him, the Cafe Coffee Day founder said: "I could not take any more pressure from one of the private equity partners forcing me to buy back shares."

Bengaluru, May 29: The hotel industry is one of the worst-hit industries due to lockdown, along with the tourism industry. Bengaluru's hotel industry has incurred a loss of around Rs 1200 crore during the lockdown period however, the hotels here are likely to open in June if the State government issues guidelines for the resumption of their services.

Speaking to media, PC Rao, President, Bangalore Hotelier's Association said, "It's not only the loss of business, but we have lost the customer base as well. 
We don't expect any good future for the next six months. There will be a slow down in the business even after opening."

"We have requested our CM to give first preference to the hotels. We are going to restart our business in June if granted permission. Around 10 per cent of the hotels cannot open at all. They are in the stage of merging or closing down position. Few hotels may open after five or six months," he added.

He continued saying that many hotels are for sale but there are no buyers. There are around 21,000 restaurants in Bangalore, 3500 hotels with rooms and restaurant which has an average turnover of Rs 20 crores per day, Rao informed.

"We expect losses of around Rs 1200 crores in these two months. We are giving special online training to all the hoteliers and to our managers particularly to deal with the COVID-19 situation, including how to deal with the guests, employees, how to start the hotel services. 

Each and every manager has already been trained and we are still continuing it. We will conduct face to face meeting as well and brief the managers," said Rao.

Mangaluru, Mar 10:  Country’s economic condition is not permanent. All young entrepreneurs can be forward looking persons, because all bad times are followed by good times. In fact, it is good time to start your own industry, said Nitte Deemed to be University Chancellor Dr. N Vinaya Hegde. 

Addressing the gathering after inaugurating a three-day entrepreneurship symposium organized by Mangalore University and Department of M. Com and MBA, University Evening College at University College Mangalore here on Monday, he said that entrepreneurship is something you enjoy. You should belief that there is something in you to achieve your area of choice. You should get pleasure out of it. 

Ex-MLC Capt. Ganesh Karnik believed that our population is definitely a resource, but symposiums are needed to convert ideas to implementation. Coastal Karnataka is best example for successful entrepreneurship in health, education sector, he added. 

Presiding over the function, Mangalore University Vice Chancellor Prof. P Subrahmanya Yadapadithaya said that students should be universally compassionate before being an entrepreneur. There will be challenges, failures in entrepreneurship. One should trust himself, and should have courage and confidence to be innovative. One should have aspiration and passion for excellence, he added.

Young scientist, international awardee Swasthik Padma was felicitated on the occasion. Evening college Principal Dr. Ramakrishna B M, Coordinator  Dr. Yathish Kumar were present among others. Kavya P Hegde mastered the ceremony, Venkatesh Nayak presented vote of thanks.